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| Megafon raises $1.7bn in Moscow and London share sale | Megafon raises $1.7bn in Moscow and London share sale |
| (35 minutes later) | |
| Megafon, the mobile phone operator controlled by Russia's richest man, has raised $1.7bn (£1.1bn) from a share sale in Moscow and London. | Megafon, the mobile phone operator controlled by Russia's richest man, has raised $1.7bn (£1.1bn) from a share sale in Moscow and London. |
| Pricing shares at the bottom of its $20-$25 range, the sale values Megafon at $11.1bn. | Pricing shares at the bottom of its $20-$25 range, the sale values Megafon at $11.1bn. |
| The listing is the biggest by a Russian company since aluminium producer Rusal raised $2.2bn in Hong Kong in 2010. | The listing is the biggest by a Russian company since aluminium producer Rusal raised $2.2bn in Hong Kong in 2010. |
| Russia's second biggest mobile operator is controlled by Alisher Usmanov, a 30% stakeholder in Arsenal football club. | Russia's second biggest mobile operator is controlled by Alisher Usmanov, a 30% stakeholder in Arsenal football club. |
| The shares are listed in London as global depository receipts, which are issued by a bank that holds the shares on behalf of the investor. | The shares are listed in London as global depository receipts, which are issued by a bank that holds the shares on behalf of the investor. |
| Analysts said the share sale had received a lukewarm reception from investors. | Analysts said the share sale had received a lukewarm reception from investors. |
| "I don't expect any flurry today as there was no big oversubscription," said Alexander Vengranovich at Otkritie Securities. | "I don't expect any flurry today as there was no big oversubscription," said Alexander Vengranovich at Otkritie Securities. |
| "I think it will trade at around $20, plus or minus one dollar." | "I think it will trade at around $20, plus or minus one dollar." |
| Mr Usmanov has retained his controlling share, while Nordic telecoms group Teliasonera has reduced its stake from 36% to 29%. | Mr Usmanov has retained his controlling share, while Nordic telecoms group Teliasonera has reduced its stake from 36% to 29%. |
| There are 227 million mobile phone subscriptions in Russia, whose population is 144 million. This is because many people own more than one sim card. | There are 227 million mobile phone subscriptions in Russia, whose population is 144 million. This is because many people own more than one sim card. |
| At the end of last year, Megafon had 63 million subscribers, up 10% on 2010. It is the second-biggest mobile operator in Russia behind MTS. |